Holcim denies misconduct In Hungary

Holcim denies misconduct In Hungary
Published: 26 October 2005

Holcim has repudiated charges of misconduct in Hungary. The company said a Hungarian court has supported Holcim’s role in the privatization of the Hejocsaba cement plant. Holcim said unrealistic claims by a group of Hungarian investors have blocked any out-of-court settlement. Swiss media say the claims amount to EUR160m. Swiss cement producer Holcim Ltd said it rejected claims made by Magyar Cement Kft that it acted fraudulently when acquiring a 57 per cent stake Hejocsaba cement works in 1994.
After failing to reach an amicable settlement, Holcim said it is fully prepared to see through legal action.